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   “¢   The pair has been oscillating between two converging trend-line since the US trading session on Wednesday, forming a symmetrical triangle on the 1-hourly chart.

   “¢   Given this week’s goodish up-move, the contracting wedge can be referred to as a continuation pattern but sometimes also mark important trend reversals.

   “¢   Meanwhile, technical indicators on hourly/daily charts have managed to hold in positive territory and thus, support prospects for an eventual bullish breakout.

   “¢   However, it would be prudent to wait for a convincing break through the trading range before traders start positioning for the next leg of positive momentum.
 

NZD/USD 1-hourly chart

NZD/USD

Overview:
       Today Last Price:  0.6866
       Today Daily change:  9.0  pips
       Today Daily change %:  0.131%
       Today Daily Open:  0.6857
Trends:
       Previous Daily SMA20:  0.678
       Previous Daily SMA50:  0.6645
       Previous Daily SMA100:  0.666
       Previous Daily SMA200:  0.687
Levels:
       Previous Daily High:  0.6885
       Previous Daily Low:  0.6837
       Previous Weekly High:  0.6876
       Previous Weekly Low:  0.6767
       Previous Monthly High:  0.663
       Previous Monthly Low:  0.6424
       Previous Daily Fibonacci 38.2%:  0.6855
       Previous Daily Fibonacci 61.8%:  0.6867
       Previous Daily Pivot Point S1:  0.6834
       Previous Daily Pivot Point S2:  0.6812
       Previous Daily Pivot Point S3:  0.6786
       Previous Daily Pivot Point R1:  0.6882
       Previous Daily Pivot Point R2:  0.6908
       Previous Daily Pivot Point R3:  0.693